The Revival of All Cryptocurrencies and Outlook for the Future
Revival for all cryptocurrencies
Once again, there is a day of recovery for cryptos (cryptocurrencies) (ARKW) (ARKK). Bitcoin surged 11.8% over the past 24 hours to $9,828 as of 5:00 AM EST on March 12, 2018. It has recovered from its recent low of $8,366. The overall market cap (capitalization) in Bitcoin was $166 billion, and the overall market cap of all cryptos was $396 billion.
Ethereum, Ripple, Bitcoin Cash, and Litecoin rose 6.6%, 4.7%, 12.2%, and 6.3%, respectively. The top-performing cryptos in the past 24 hours were IOStoken, DigiByte, ReddCoin, and Polymath, which rose 25.7%, 21.6%, 17.1%, and 16.8%, respectively. All cryptos according to coin market cap data rose in the past 24 hours.
Comparing the performances of cryptos and equities, we see that they moved together during their January-end slump and in the recovery in late February. However, March seems to have led to a diversion in price.
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The volatility in Bitcoin is higher than the previous week. Currently, it remains close to 80%, while volatility for the S&P 500 Index was 17.2%. The top two cryptos, Bitcoin and Etherum, remain especially volatile. The RSI level for Bitcoin is 45, while the level for the S&P 500 index is 59.
The famous Winklevoss twins are looking at expanding Gemini, their crypto exchange, to include Bitcoin Cash and Litecoin. The Chicago Board Options Exchange (or CBOE) has a partnership with Gemini that it will only list cryptos that are on the twins’ trading platform.
The twins remain heavily invested in Bitcoin and also claim to be unconcerned about the recent dramatic fall in price and trading volumes. Their longer-term outlook for the currency remains bullish.